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The Ripple-backed cryptocurrency, XRP, appears to be gaining significant momentum in the world of cryptocurrencies as a whale again transferred massive amounts of XRP to centralized exchanges as of today, November 24.
The transfer of tokens to exchanges amassed noteworthy attention among crypto market enthusiasts as the XRP cryptocurrency simultaneously witnessed significant gains.
The increase in XRP whale activity over the past few days amid the price surge witnessed by the token seems to have stirred up quite the speculation within the broader markets. Following the increase in whale activity revolving around the token, the Ripple community seems to be making advancements concurrently, resulting in the surge of XRP.
Whale Reallocates XRP Holdings
According to the data revealed by Whale Alert, a blockchain tracking platform, an unknown wallet, r4wf7enWPx…5XgwHh4Rzn, transferred colossal amounts of XRP to two centralized exchanges, Bitstamp and Bitso.
The first transaction took place approximately 9 hours ago, where the unknown wallet transferred a whopping 25.20 million XRP to Bitstamp, a Luxembourg City-headquartered cryptocurrency exchange. The amount of tokens transferred to Bitstamp was evaluated to a whopping $15.66 million at the time of writing.
Furthermore, the second transaction that noted significant attention from traders and investors transferred 25 million XRP to CEX Bitso. Even this transfer was made by the same wallet approximately 9 hours ago. Notably, the number of tokens transferred totaled a whopping $15.55 million while writing.
As reported by CoinGape media earlier, the same wallet address was observed transferring over hundreds of millions of XRP to exchanges to date.
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XRP Price Continues To Rally
As of writing, the XRP price once again noted a marginal surge of 1.79%, evaluating to $0.6205 today. The token gained significant traction following the increase in whale activity, portraying an upsurge in price as compared to yesterday.
According to a leading crypto analyst, Dark Defender, the XRP tokenomics illustrates a possible upturn and is expected to reach the $1.05 mark soon.
Furthermore, the price surge also seems to come in alignment with the recent announcement of Ripple Lab’s recent collaboration with Uphold, a cloud-based platform for holding and exchanging various digital assets.
In a recent interview with Digital Perspectives, the CEO of Uphold, J.P. Mcloughlin, offered valuable insights into the strategic partnership, stating that Uphold plans to function as one of Ripple’s liquidity providers. Furthermore, Mcloughlin stated that the upcoming alliance aims to handle an annual transactional volume of 5 billion, which could potentially upswing following global regulatory developments within the crypto realm.
Also read: Crypto Prices Today: BTC, GAS Surge While Pepe Coin Declines
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